Menu
×
West Ashley Library
Closed
Phone: (843) 766-6635
Wando Mount Pleasant Library
Closed
Phone: (843) 805-6888
Village Library
Closed
Phone: (843) 884-9741
St. Paul's/Hollywood Library
Closed
Phone: (843) 889-3300
Otranto Road Library
Closed
Phone: (843) 572-4094
Mt. Pleasant Library
Closed
Phone: (843) 849-6161
McClellanville Library
Closed
Phone: (843) 887-3699
Keith Summey North Charleston Library
Closed
Phone: (843) 744-2489
John's Island Library
Closed
Phone: (843) 559-1945
Hurd/St. Andrews Library
Closed
Phone: (843) 766-2546
Folly Beach Library
Closed
Phone: (843) 588-2001
Edisto Island Library
Closed
Phone: (843) 869-2355
Dorchester Road Library
Closed
Phone: (843) 552-6466
John L. Dart Library
Closed
Phone: (843) 722-7550
Baxter-Patrick James Island
Closed
Phone: (843) 795-6679
Main Library
2 p.m. – 5 p.m.
Phone: (843) 805-6930
Bees Ferry West Ashley Library
Closed
Phone: (843) 805-6892
Edgar Allan Poe/Sullivan's Island Library
Closed for renovations
Phone: (843) 883-3914
Mobile Library
Closed
Phone: (843) 805-6909
Today's Hours
West Ashley Library
Closed
Phone: (843) 766-6635
Wando Mount Pleasant Library
Closed
Phone: (843) 805-6888
Village Library
Closed
Phone: (843) 884-9741
St. Paul's/Hollywood Library
Closed
Phone: (843) 889-3300
Otranto Road Library
Closed
Phone: (843) 572-4094
Mt. Pleasant Library
Closed
Phone: (843) 849-6161
McClellanville Library
Closed
Phone: (843) 887-3699
Keith Summey North Charleston Library
Closed
Phone: (843) 744-2489
John's Island Library
Closed
Phone: (843) 559-1945
Hurd/St. Andrews Library
Closed
Phone: (843) 766-2546
Folly Beach Library
Closed
Phone: (843) 588-2001
Edisto Island Library
Closed
Phone: (843) 869-2355
Dorchester Road Library
Closed
Phone: (843) 552-6466
John L. Dart Library
Closed
Phone: (843) 722-7550
Baxter-Patrick James Island
Closed
Phone: (843) 795-6679
Main Library
2 p.m. – 5 p.m.
Phone: (843) 805-6930
Bees Ferry West Ashley Library
Closed
Phone: (843) 805-6892
Edgar Allan Poe/Sullivan's Island Library
Closed for renovations
Phone: (843) 883-3914
Mobile Library
Closed
Phone: (843) 805-6909
Patron Login
menu
Item request has been placed!
×
Item request cannot be made.
×
Processing Request
A Macroprudential Approach to Financial Regulation.
Item request has been placed!
×
Item request cannot be made.
×
Processing Request
- Author(s): Hanson, Samuel G; Kashyap, Anil K; Stein, Jeremy C
- Source:
Journal of Economic Perspectives; Winter2011, Vol. 25 Issue 1, p3-28, 26p, 3 Charts, 3 Graphs- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely ''microprudential'' in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the costly failure of individual financial institutions. By contrast, a ''macroprudential'' approach recognizes the importance of general equilibrium effects, and seeks to safeguard the financial system as a whole. In the aftermath of the crisis, there seems to be agreement among both academics and policymakers that financial regulation needs to move in a macroprudential direction. In this paper, we offer a detailed vision for how a macroprudential regime might be designed. Our prescriptions follow from a specific theory of how modern financial crises unfold and why both an unregulated financial system, as well as one based on capital rules that only apply to traditional banks, is likely to be fragile. We begin by identifying the key market failures at work: why individual financial firms, acting in their own interests, deviate from what a social planner would have them do. Next, we discuss a number of concrete steps to remedy these market failures. We conclude the paper by comparing our proposals to recent regulatory reforms in the United States and to proposed global banking reforms. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Journal of Economic Perspectives is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Contact CCPL
Copyright 2022 Charleston County Public Library Powered By EBSCO Stacks 3.3.0 [350.3] | Staff Login
No Comments.